TPYP vs. ENFR
TPYP (Tortoise North American Pipeline Fund) and ENFR (Alerian Energy Infrastructure ETF) are both exchange-traded funds - TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index, while ENFR is a Infrastructure Equities fund tracking the Alerian Midstream Energy Select Index. Both are passively managed. Over the past 10 years, TPYP returned 11.89%/yr vs 12.14%/yr for ENFR. Their correlation of 0.91 means they have usually moved in the same direction. TPYP charges 0.40%/yr vs 0.35%/yr for ENFR.
Performance
TPYP vs. ENFR - Performance Comparison
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Returns By Period
In the year-to-date period, TPYP achieves a 23.68% return, which is significantly lower than ENFR's 28.27% return. Both investments have delivered pretty close results over the past 10 years, with TPYP having a 11.89% annualized return and ENFR not far ahead at 12.14%.
TPYP
- 1D
- 0.37%
- 1M
- 2.75%
- 6M
- 15.48%
- YTD
- 23.68%
- 1Y
- 25.52%
- 3Y*
- 24.31%
- 5Y*
- 19.53%
- 10Y*
- 11.89%
- ALL TIME*
- 9.80%
ENFR
- 1D
- 0.25%
- 1M
- 3.92%
- 6M
- 19.23%
- YTD
- 28.27%
- 1Y
- 29.02%
- 3Y*
- 26.80%
- 5Y*
- 21.89%
- 10Y*
- 12.14%
- ALL TIME*
- 8.59%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.27M | $3.93M | $3.16M | |
| $2.50M | $2.27M | $2.65M |
TPYP vs. ENFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TPYP Tortoise North American Pipeline Fund | 23.68% | 7.59% | 37.37% | 10.51% | 16.09% | 34.97% | -20.99% | 23.35% | -11.13% | 2.27% |
ENFR Alerian Energy Infrastructure ETF | 28.27% | 5.88% | 42.17% | 15.63% | 17.48% | 39.97% | -24.14% | 21.60% | -18.67% | -0.19% |
Correlation
The correlation between TPYP and ENFR is 0.95, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.95 |
Correlation (3Y) Balances recent behavior with more history. | 0.95 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.96 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.94 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2015 | 0.91 |
The correlation between TPYP and ENFR has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.
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Return for Risk
TPYP vs. ENFR — Risk / Return Rank
TPYP
ENFR
TPYP vs. ENFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tortoise North American Pipeline Fund (TPYP) and Alerian Energy Infrastructure ETF (ENFR). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TPYP | ENFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.32 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.72 | 3.33 | +0.39 |
| Martin ratioReturn relative to average drawdown | 8.80 | 8.16 | +0.64 |
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Drawdowns
TPYP vs. ENFR - Drawdown Comparison
The maximum TPYP drawdown since its inception was -51.91%, smaller than the maximum ENFR drawdown of -68.28%. Use the drawdown chart below to compare losses from any high point for TPYP and ENFR.
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Drawdown Indicators
| TPYP | ENFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.91% | -68.28% | +16.37% |
Max Drawdown (1Y)Largest decline over 1 year | -6.84% | -8.64% | +1.80% |
Max Drawdown (3Y)Largest decline over 3 years | -13.17% | -15.58% | +2.41% |
Max Drawdown (5Y)Largest decline over 5 years | -17.96% | -20.29% | +2.33% |
Max Drawdown (10Y)Largest decline over 10 years | -51.91% | -62.64% | +10.73% |
Current DrawdownCurrent decline from peak | -2.89% | -2.57% | -0.32% |
Average DrawdownAverage peak-to-trough decline | -7.83% | -15.83% | +8.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.89% | 3.52% | -0.63% |
Volatility
TPYP vs. ENFR - Volatility Comparison
Tortoise North American Pipeline Fund (TPYP) and Alerian Energy Infrastructure ETF (ENFR) have volatilities of 5.37% and 5.44%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TPYP | ENFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.37% | 5.44% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 11.25% | 12.30% | -1.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.91% | 15.24% | -1.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.40% | 19.19% | -1.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.90% | 24.65% | -2.75% |
TPYP vs. ENFR - Expense Ratio Comparison
TPYP has a 0.40% expense ratio, which is higher than ENFR's 0.35% expense ratio.
Dividends
TPYP vs. ENFR - Dividend Comparison
TPYP's dividend yield for the trailing twelve months is around 3.19%, less than ENFR's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ENFR Alerian Energy Infrastructure ETF | 3.91% | 4.77% | 4.41% | 5.48% | 5.23% | 7.86% | 7.57% | 5.81% | 3.98% | 2.98% | 3.31% | 3.34% |
TPYP Tortoise North American Pipeline Fund | 3.19% | 3.91% | 3.95% | 4.83% | 4.48% | 4.86% | 6.14% | 4.45% | 4.58% | 3.71% | 3.49% | 2.56% |
Frequently Asked Questions
With a correlation of 0.95, TPYP and ENFR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
ENFR has higher volatility (5.44%) compared to TPYP (5.37%). In terms of maximum drawdown, TPYP dropped -51.91% vs ENFR's -68.28%.
On 10-year performance, ENFR leads with 12.14% vs 11.89% for TPYP. On fees, ENFR is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ENFR has performed better with a 12.14% return vs 11.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ENFR is cheaper with a 0.35% expense ratio, compared with 0.40% for TPYP.
ENFR has the higher dividend yield at 3.91%, compared with 3.19% for TPYP.
TPYP is categorized as Energy Equities, while ENFR is Infrastructure Equities. TPYP tracks Tortoise North American Pipeline Index, while ENFR tracks Alerian Midstream Energy Select Index. They also come from different issuers: Tortoise and SS&C. Their fees differ too: 0.40% for TPYP and 0.35% for ENFR.
ENFR currently has the higher Sharpe Ratio (1.89 vs 1.83), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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